Lakeland FL Homeowners’ Associations (HOA) - And They Lived Happily Ever After
You are excited about your purchase of your new Lakeland FL home with a magnificent kitchen, a dazzling pool - you can’t wait to step foot inside your home. It is like walking down the isle as your groom awaits you at the altar.
Buying a home in Lakeland Florida is one of your biggest investment as you are getting excited about your new home, the pool, the three-car garage that your husband can’t wait to use for his hobby. Few realize the importance and the power of a Homeowners’ Association until it’s too late. When you sit at the closing and you just realized that you just got married to your Lakeland FL Homeowners’ Association (HOA) without the honeymoon - you bought into your association that will make demands on your cash and perhaps on your lifestyle.
HOAs consist of an elected board and members, which represent the interests of its residents. The board enacts and amends governing documents such as rules and regulations also known as deed restrictions.
You will find various Homeowners’ Associations in Lakeland and they are quite common, they are here to keep the integrity of the community, has a degree of conformity, has restrictions of what folks within the community can or cannot do. HOAs can demand homeowners to pay a share of common expenses, such as street lighting, maintaining lawns, commonly owned buildings, pools, utilities.
In order for you as an interested buyer, you want to make sure you can live happily ever after with your Homeowners’ Association in your new community by following these steps:
Acquire all the necessary documents from either your Realtor®, HOA president, or the HOA’s respective web site. Some associations are forthcoming others not so, financial statements of the HOAs where you can see the HOAs financial stability, making sure they have ample reserve funds to cover emergencies, etc. You may also obtain Homeowners Association information through the local government website as it is public record: http://www.polkcountyclerk.net/
Foreclosures and Short Sales can take a toll on the larger communities and chances are when folks are in distress they may not be paying their HOA dues either. Although associations have legal rights to foreclose, I would ask about the percentage of the owners delinquency rate.
Check out the community - One of my recent buyers was concerned about the HOA so they took a walk and talked to the residents, they asked if they were happy the way the due were spent, whether or not there was communications between the board and its residents. They paid close attention to the amenities making sure it was well kept. Needless to say there were satisfied with the results, they even considered being involved with the board so they could see first hand what happens. A win-win situation.
Life after - yes, sometimes folks move on and must sell their home because of job relocation or other family events. There are some that want to hold on to the property but did not realize whether or not you could have tenants. The declaration should point out the rules about leasing. It is always in your best interest to read up on the rules and regulations of your community.
Realizing you have covered all bases ensures of living a life happily ever after in perfect harmony marriage between you and your Homeowners’ Association.
Copyright © 2011 By Petra Norris *Lakeland FL Homeowners’ Associations (HOA) - And They Lived Happily Ever After *
Managing Broker - CDV TransAtlantic, Inc.
(863) 619-6918
